TransferWise lines up investment round

21 August 2017 | 12280 views | 0

TransferWise is preparing a $60 million capital raise that will see its value sail up to the $1.5 bilion mark, according to a report on Sky News.

Citing sources close to the deal, Sky reports that Silicon Valley investment firm IVP is set to pump "tens of millions of pounds" into the UK-based mobile money outfit as part of a larger fund raise. IVP has previously invested in hot tech startups Snap, Twitter and Netflix.

Using a peer-to-peer model to get the best rates for consumers, TransferWise has quickly grown and now lets people in 38 countries send money to receivers in 61. In the UK, the firm now has a 10% market share, helping it to hit $100 million in annual revenues and move into the black.

Last month, CEO Taavet Hinrikus announced that he would move to a part-time chairmanship role, making the way for co-founder Kristo Käärmann to take over the reins. At the time, Hinrikus hinted at the potential for an IPO some years down the line, a prospect which would whet the appetite of big-ticket investors like IVP.